Indian rupee, snapping four consecutive sessions’ appreciating streak and erasing all the morning gains, depreciated on Wednesday, tailing negative local equities. Meanwhile, fresh bouts of dollar demand from banks and importers also pressurized the currency. However, local unit’s fall was limited on account of dollar’s weakness in the overseas market. In the global market, dollar edged lower versus the euro on Wednesday after U.S. Federal Reserve Chairman Ben Bernanke said the Fed will maintain its ultra-easy monetary policy for as long as needed. In a speech that echoed dovish comments by his nominated successor, Janet Yellen, Bernanke said that while the economy had made significant progress, it was still far from where officials wanted it to be.
The partially convertible currency is currently trading at 62.54, weaker by 18 paise from its previous close of 62.36 on Tuesday. The currency touched a high and low of 62.58 and 62.25 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.23 and for Euro it stood at 84.05 on November 19, 2013. While, the RBI’s reference rate for the Yen stood at 62.32, the reference rate for the Great Britain Pound (GBP) stood at 100.1796. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| November 19, 2013 | 62.23 | 100.1796 |
| November 18, 2013 | 62.62 | 101.0642 |
(RBI Reference Rate)
